A Message from the Director

September
12, 2014

Dear Community,

After a busy spring and summer
filled with progress, the Atlantic Yards Project is gearing
up for an eventful fall and winter. Before we outline
upcoming activities, let us look back at our achievements
together over the past few months.

First and foremost, in June, the
Board of Directors for Empire State Development (ESD)
affirmed the 2014Modified General Project Plan (MGPP).
The updated MGPP accelerates development and ensures the
timely arrival of key project deliverables for the
community, including affordable housing. At the same
time, the ESD Board of Directors approved the creation of
the Atlantic Yards Community Development Corporation
(AYCDC), a subsidiary of ESD to facilitate continued
progress for the project. Greenland Forest City
Partners also subsequently rebranded the project as Pacific
Park Brooklyn.

In addition to these changes, we
have a new leadership team for the Atlantic Yards Project:

Nicole Jordan will serve as
Community Relations Director. She acts as the primary
liaison to the community to address concerns about
construction and quality of life issues.

I will serve as Project
Director, and I will coordinate the ESD staff assigned
to the project.

Our new team will be responsible
for monitoring the project modifications approved by the
Directors in June, including:

Shortening the timeframe for
completion of all affordable housing to 2025, ten years
ahead of the previous outside date of 2035. Developers
will pay liquidated damages for any remaining affordable
housing units that have not received a temporary
certificate of occupancy or a permanent certificate of
occupancy by 2025.

Ensuring sustained
development of affordable housing by requiring that the
project developers will provide 35 percent of the
completed units at the site as affordable housing units
until 1,050 affordable housing units are built. The
updated MGPP ensures that the delivery of affordable
units does not lag behind the creation of market rate
units.

Committing the project
developers to begin construction on two affordable
housing buildings by June 2015. ESD will utilize
enforcement mechanisms to require prompt commencement of
these two buildings.

Creating the aforementioned
AYCDC, which is designed to provide input on
development, housing, and community impact throughout
the life of the project. The subsidiary will include a
14-member board that is expected to be appointed by the
end of the year.

And building on the progress of
the spring and summer, the following key activities will
occur this fall and winter:

Beginning of construction on
the first 100% affordable housing building at 535
Carlton Avenue and the green roof at the Barclays
Center.

Inaugural meeting of the
AYCDC.

As always, we look forward to
continuing to work and share information with you about the
Atlantic Yards Project as it progresses.

Best Regards,

Sam FillerDirector, Atlantic Yards

**TO REPORT CONDITIONS TO NYC 311
FOR THE ATLANTIC YARDS PROJECT, PLEASE USE THE NEW ADDRESS
FOR THE PROJECT: 620 ATLANTIC AVENUE, BROOKLYN.**